Author Topic: First Rental Property  (Read 968 times)

mrgrump

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First Rental Property
« on: December 28, 2015, 08:09:06 PM »
My wife and I considering purchasing a rental home on the northeast side of Cincinnati. This would be our first purchase of this kind. We have a meeting set up with a realtor next Wednesday. I have a list of about 15 questions I want to ask but was curious if you ladies and gents had any suggestions of mandatory questions I should ask. Thanks

Drifterrider

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Re: First Rental Property
« Reply #1 on: December 29, 2015, 06:30:00 AM »
Why don't you post your questions here so we can critique them?

As to buying, approach this as if you were buying to occupy.  If you wouldn't live in it, will a tenant?  And do the math.  Business not emotional.

EAL

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Re: First Rental Property
« Reply #2 on: December 30, 2015, 09:25:13 AM »
I would say one of the biggest factors in buying any home is the condition, can you make repairs yourself? do you plan to pay someone? is it in your budget to do either?  We buy homes and improve them to rent them out.  Haven't yet bought a dive but everything we buy needs some remodeling.  I do all the work myself.  However, if you are unsure of your abilities, it would be wise to pay a professional to do repairs properly.  If the home is in new/like new condition, this isn't a factor.  However, I wouldn't deplete your funds to buy a rental property, I would make sure to have an emergency fund. You never know when you'll be replacing a furnace in the middle of winter. 

Rentals are a fantastic investment if the numbers are right.  Will you manage the property yourself or pay a property management company? If you plan to pay someone factor this into your debt to income calculations for the investment.